Marathon Petroleum price target raised to $228 from $197 at Piper Sandler

Piper Sandler raised the firm’s price target on Marathon Petroleum (MPC) to $228 from $197 and keeps a Neutral rating on the shares. The firm is updating its estimates for Marathon based on a combination of quarter-end mark-to-market on commodity pricing, as well as modest adjustments to operating assumptions. Despite the strong margin environment, Piper expects investors to struggle with the various puts and takes around capture. But while Q1 will likely be noisy and underwhelming for the group, it expects investor optimism as they look to Q2.